Maybe it’s an extra room, or an indoors bathroom. Maybe new ceilings or tiles for the floors. Whatever your home needs, a home improvement loan can help you get it.
There is a saying that a man’s home is his castle. But if that castle has become too small for his family, or has a roof that is leaking, then a man has to make a plan.
There are many reasons for home improvements. You might need extra space because a family member needs a place to stay. Or your teenage daughter needs her own room for privacy. For security reasons you may need burglar bars on your windows and a proper fence around your property. Now that you have bought a car, you want a garage to park it in. Or maybe your old kitchen really needs an upgrade.
Whatever the reason, you know the time has come to consider your options.
If you have a home loan in the form of an access bond, you can take money out of that facility to upgrade and improve your home. That is a low-interest loan option, because mortgages usually carry preferential interest rates as they are secured loans for which you have to provide collateral or security to the bank.
If you are not lucky enough to have an access bond-type mortgage, a personal loan is the way to go, especially if you have a strong and healthy credit profile that can get you good interest rates. Creditors like lending money to people with a positive credit record, as that lowers their risk.
Before you apply for a personal loan to do your home improvements, go through these five steps:
Doing home improvements can be very exciting and it is easy to get caught up in a feeling that you want to get a loan now so that you can get started. Remember, however, that in most cases home improvements are not emergencies – take all the time you need to make the best decision about your project and your home improvement loan. That’s the best way to build you castle.
For more information on personal loans, visit https://www.bayportsa.com/products-services/personal-loans-online/Go back